ALD CEO: most existing shareholders fully subscribing to capital increase

Ayvens SA

09/12/2022 13:10

By Nick Carey
       LONDON, Dec 9 (Reuters) - Most of ALD's  ALDA.PA 
existing shareholders are participating in a 1.2 billion euro
($1.27 billion) capital increase launched to finance its
purchase of Dutch rival LeasePlan, the French car leasing
company's top executive said on Friday.   
    "We have done two weeks of roadshows and the interest is
fantastic," ALD Chief Executive Tim Albertsen told Reuters.
"Most of our existing shareholders are subscribing to all their
rights."
    Societe Generale  SOGN.PA  unit ALD launched the capital
increase on Nov 29 to help fund the 4.9 billion euro deal with
LeasePlan announced in January.
    European Union antitrust regulators cleared the deal last
month, on condition that ALD and LeasePlan sell off leasing
businesses in some markets. 
    Albertsen said the deal should close in the first quarter
once the EU approves the sales agreements for those units. The
deal will give ALD a fleet of 3.3 million vehicles leased to
corporate fleets.
    Around 30% of the vehicles in both companies' fleets are
electrified - either full electric vehicles (EVs) or plug-in
hybrids - and buying LeasePlan gives ALD more scale as the
leasing market goes electric. 
    LeasePlan has targeted 100% electrification by 2030. ALD has
targeted a lower level of 50%, but has already exceeded its goal
of 30% electrification by 2025.
    "We were a bit more conservative and we were wrong,"
Albertsen said.    
    But targeting a 100% electrified fleet by 2030 is a "bit too
bold" because of lagging EV charging infrastructure and would
require buying only EVs and plug-in hybrids by 2027 - every year
ALD replaces roughly a quarter of its fleet.
    "We definitely expect double-digit EV growth for the next
five years," Albertsen said. "After the closing with LeasePlan
we will have a new electrification target." 
    "It will be more than 50%, but less than 100%." 
($1 = 0.9477 euros)
 (Reporting by Nick Carey, Editing by Louise Heavens)
 ((nick.carey@thomsonreuters.com; +44 7385 414 954;))